NEW YORK, Dec. 5 (UPI) -- U.S. markets slid Thursday with the blue-chip Dow Jones industrial average losing ground for the fifth consecutive session.
Investors pulled back after the Commerce Department said the gross domestic product rose 3.6 percent on a seasonally adjusted annual basis in the third quarter, revising last month's estimate when growth was pegged at 2.8 percent.
The new estimate beat expectations. But positive news was again taken as a sign that the Federal Reserve would soon pull back on its $85 billion per month asset purchasing program, which has been putting pressure on interest rates and proving liquidity in financial markets.
The Dow index closed down 68.26 points or 0.43 percent to 15,821.51. The S&P dropped 7.78 points, 0.43 percent, to 1,785.03. The tech-dominated Nasdaq composite index shed 4.84 points or 0.12 percent to close at 4033.16.
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On the New York Stock Exchange, 1,045 stocks advanced while 2,032 declined on a trading volume of 3.3 billion shares.
The London FTSE 100 index shed 11.64 points, or 0.18 percent, at 6,498.33. Tokyo's Nikkei 225 index dropped 230.45 points, or 1.5 percent, ending at 15,177.49.
The yield on the benchmark 10-year U.S. Treasury note rose to 2.877 percent, off 11/32.
On currency markets, the euro fell to $1.3667. The dollar fell to 101.77 against the yen.
January crude oil futures gained 12 cents on the New York Mercantile Exchange to settle at $97.32 a barrel.
On the exchange's Comex division, gold futures shed $23.60 or 1.89 percent to hit $1,223.60 an ounce.
Corn for March contracts gave up 3 cents to end at $4.335 a bushel on the Chicago Board of Trade. Wheat for March delivery lost 9.75 cents to $6.52 a bushel, while January soybeans shed 2 cents to close at $13.275 a bushel.
